Hotel Purchase and Sale Agreement Contract Templates

Hotel Purchase and Sale Agreement - Table of Contents (based on 1 contracts)

Section 1. DEFINITIONS
Section 2. PURCHASE-SALE; DUE DILIGENCE
- 2.1. Purchase-Sale
- 2.2. The Hotel
- 2.3. Assignment of Contracts and Permits
- 2.4. Delivery of Due Diligence Documents
- 2.5. Description of Due Diligence Materials
- 2.6. Physical Inspection of Real Property
- 2.7. Inspection of Books and Records
- 2.8. Extension of Due Diligence Period
- 2.9. Termination
- 2.10. Title Matters
- 2.11. Environmental Reports
Section 3. CLOSING; DEPOSIT
- 3.1. Closing
- 3.2. Purchase Price
- 3.3. Deposit
- 3.4. Assumption of Liabilities; Retained Liabilities
- 3.5. Sellers Closing Documents
- 3.6. Purchaser Closing Documents
Section 4. CONDITIONS TO PURCHASERS OBLIGATION TO CLOSE
- 4.1. Representations and Warranties of Seller True
- 4.2. Sellers Performance
- 4.3. Title to Real Property
- 4.4. Title to Other Property
- 4.5. Delivery of Closing Documents
- 4.6. Consents
- 4.7. Permits
- 4.8. No Bankruptcy
- 4.9. Tenant Estoppel Certificates
- 4.10. No Litigation
- 4.11. Violations
- 4.12. Absence of Changes
- 4.13. Condemnation
- 4.14. No Bulk Sales Notice Required
- 4.15. Termination of Management Agreement, Owner Agreement
Section 5. CONDITIONS TO SELLERS OBLIGATION TO CLOSE
- 5.1. Representations and Warranties True
- 5.2. Purchasers Performance
Section 6. REPRESENTATIONS AND WARRANTIES OF SELLER
- 6.1. Representation and Warranties of Seller
  - A. Organization of Seller
  - B. Authority of Seller
  - C. No Conflict; Required Permits and Filings
  - D. FF&E
  - E. Contracts
  - F. Leases
  - G. Compliance with Laws
  - H. FIRPTA
  - I. Employees
  - J. Tax Returns
  - K. Real Estate Taxes
  - L. Construction Contracts: Mechanics Liens
  - M. Insurance
  - N. Condemnation
  - O. Litigation
  - P. Environmental Matters
  - Q. No Unrecorded Liens, Covenants and Restrictions
  - R. Use
  - S. Bankruptcy
  - T. Permits
  - U. Changes to Representations and Warranties
  - V. Sellers Representations Deemed Modified
  - W. OFAC
  - X. Survival
  - Y. Disclosure
  - Z. Notice of Breach; Sellers Right To Cure
- 6.2. AS-IS WHERE IS CONDITION
Section 7. REPRESENTATIONS AND WARRANTIES OF PURCHASER
- 7.1. Organization of Purchaser
- 7.2. Authority of Purchaser
- 7.3. No Conflict; Required Filings and Consents
- 7.4. Disclosure
Section 8. INTERIM OPERATION OF THE HOTEL
- 8.1. Cooperation
- 8.2. Compliance with Laws and Permitted Exceptions
- 8.3. Operation and Maintenance of Hotel
- 8.4. Permits
- 8.5. Condemnation
- 8.6. Casualty
- 8.7. Contracts; Business Decisions
- 8.8. No Additional Exceptions to Title
- 8.9. Safety Deposit Boxes
- 8.10. Property of Guests and Lessees
Section 9. ALLOCATIONS AND PRORATIONS; PURCHASE PRICE ADJUSTMENTS; CLOSING COSTS
- 9.1. Revenue and Expense Allocations and Prorations
- 9.2. Real Estate Taxes and Assessments
- 9.3. Other Taxes and Items
- 9.4. Asset and Liability Allocations
- 9.5. Reconciliation and Post-Closing Adjustments
- 9.6. Closing Costs
- 9.7. Survival
- 9.8. Accounting Methods
Section 10. REMEDIES FOR PRE-CLOSING AND POST-CLOSING DEFAULTS
- 10.1. Purchasers Remedies for Pre-Closing Default
- 10.2. Sellers Remedy for Pre-Closing Default
- 10.3. Survival of Purchasers Claims
- 10.4. Survival of Sellers Claims
- 10.5. Limitations on Liability
- 10.6. Survival
Section 11. INDEMNIFICATION
- 11.1. By Seller
- 11.2. By Purchaser
Section 12. MISCELLANEOUS
- 12.1. Drafts not an Offer to Enter into a Legally Binding Contract
- 12.2. Brokerage Commissions
- 12.3. Publicity
- 12.4. Notices
- 12.5. Waivers, Etc
- 12.6. Assignment; Successors and Assigns
- 12.7. Severability
- 12.8. Counterparts, Etc
- 12.9. Governing Law; Jurisdiction; Waiver of Jury Trial
- 12.10. Performance on Business Days
- 12.11. Attorneys Fees
- 12.12. Relationship
- 12.13. Section and Other Headings
- 12.14. Currency
- 12.15. Time of Essence

Hotel Purchase and Sale Agreement - Table of Contents (based on 1 contracts)

Section 1. DEFINITIONS
Section 2. PURCHASE-SALE
- 2.2. The Hotel
- 2.3. Assignment of Contracts and Permits
- 2.4. Delivery of Due Diligence Documents
- 2.5. Description of Due Diligence Materials
- 2.6. Physical Inspection of Real Property
- 2.7. Inspection of Books and Records
- 2.8. Extension of Due Diligence Period
- 2.9. Termination
- 2.10. Title Matters
- 2.11. Environmental Reports
2.1. Purchase-Sale
- 2.2. The Hotel
- 2.3. Assignment of Contracts and Permits
- 2.4. Delivery of Due Diligence Documents
- 2.5. Description of Due Diligence Materials
- 2.6. Physical Inspection of Real Property
- 2.7. Inspection of Books and Records
- 2.8. Extension of Due Diligence Period
- 2.9. Termination
- 2.10. Title Matters
- 2.11. Environmental Reports
Section 3. CLOSING
- 3.2. Purchase Price
- 3.3. Deposit
- 3.4. Assumption of Liabilities; Retained Liabilities
- 3.5. Sellers Closing Documents
- 3.6. Purchaser Closing Documents
3.1. Closing
- 3.2. Purchase Price
- 3.3. Deposit
- 3.4. Assumption of Liabilities; Retained Liabilities
- 3.5. Sellers Closing Documents
- 3.6. Purchaser Closing Documents
Section 4. CONDITIONS TO PURCHASERS OBLIGATION TO CLOSE
- 4.1. Representations and Warranties of Seller True
- 4.2. Sellers Performance
- 4.3. Title to Real Property
- 4.4. Title to Other Property
- 4.5. Delivery of Closing Documents
- 4.6. Consents
- 4.7. Permits
- 4.8. No Bankruptcy
- 4.9. Tenant Estoppel Certificates
- 4.10. No Litigation
- 4.11. Violations
- 4.12. Absence of Changes
- 4.13. Condemnation
- 4.14. No Bulk Sales Notice Required
- 4.15. Termination of Management Agreement, Owner Agreement and Subordination Agreement
Section 5. CONDITIONS TO SELLERS OBLIGATION TO CLOSE
- 5.1. Representations and Warranties True
- 5.2. Purchasers Performance
6.1. Representation and Warranties of Seller
- A. Organization of Seller
- B. Authority of Seller
- C. No Conflict; Required Permits and Filings
- D. FF&E
- E. Contracts
- F. Leases
- G. Compliance with Laws
- H. FIRPTA
- I. Employees
- J. Tax Returns
- K. Real Estate Taxes
- L. Construction Contracts: Mechanics Liens
- M. Insurance
- N. Condemnation
- O. Litigation
- P. Environmental Matters
- Q. No Unrecorded Liens, Covenants and Restrictions
- R. Use
- S. Bankruptcy
- T. Permits
- U. Changes to Representations and Warranties
- V. Sellers Representations Deemed Modified
- W. OFAC
- X. Survival
- Y. Disclosure
- Z. Notice of Breach; Sellers Right To Cure
6.2. AS-IS WHERE IS CONDITION
Section 7. REPRESENTATIONS AND WARRANTIES OF PURCHASER
- 7.1. Organization of Purchaser
- 7.2. Authority of Purchaser
- 7.3. No Conflict; Required Filings and Consents
- 7.4. Disclosure
Section 8. INTERIM OPERATION OF THE HOTEL
- 8.1. Cooperation
- 8.2. Compliance with Laws and Permitted Exceptions
- 8.3. Operation and Maintenance of Hotel
- 8.4. Permits
- 8.5. Condemnation
- 8.6. Casualty
- 8.7. Contracts; Business Decisions
- 8.8. No Additional Exceptions to Title
- 8.9. Safety Deposit Boxes
- 8.10. Property of Guests and Lessees
Section 9. ALLOCATIONS AND PRORATIONS; PURCHASE PRICE ADJUSTMENTS
- 9.1. Revenue and Expense Allocations and Prorations
- 9.2. Real Estate Taxes and Assessments
- 9.3. Other Taxes and Items
- 9.4. Asset and Liability Allocations
- 9.5. Reconciliation and Post-Closing Adjustments
- 9.6. Closing Costs
- 9.7. Survival
- 9.8. Accounting Methods
10.1. Purchasers Remedies for Pre-Closing Default
10.2. Sellers Remedy for Pre-Closing Default
10.3. Survival of Purchasers Claims
10.4. Survival of Sellers Claims
10.5. Limitations on Liability
10.6. Survival
Section 11. INDEMNIFICATION
- 11.1. By Seller
- 11.2. By Purchaser
- 11.3. Holdback Escrow Agreement
12.1. Drafts not an Offer to Enter into a Legally Binding Contract
12.2. Brokerage Commissions
12.3. Publicity
12.4. Notices
12.5. Waivers, Etc
12.6. Assignment; Successors and Assigns
12.7. Severability
12.8. Counterparts, Etc
12.9. Governing Law; Jurisdiction; Waiver of Jury Trial
12.10. Performance on Business Days
12.11. Attorneys Fees
12.12. Relationship
12.13. Section and Other Headings
12.14. Currency
12.15. Time of Essence
12.16. Incomplete Schedules

Hotel Purchase and Sale Agreement - Table of Contents (based on 1 contracts)

Article I. Deadlines and Definitions
- 1.1. Deadlines
  - “. Closing Deadline
  - “. Due Diligence Deadline
- 1.2. Definitions
Article II. Purchase and Sale
- 2.1. Land; Improvements
- 2.2. Personal Property
- 2.3. Contracts, Equipment Leases, and Space Leases
- 2.4. Bookings
- 2.5. Intangible Hotel Assets; Computer Systems
- 2.6. Excluded Property
  - A. Cash
  - B. Accounts Receivable
  - C. Third-Party Property
  - D. Hotel Guest Data
  - E. Confidential Materials and Personnel Files
  - F. National/Regional Contracts
  - G. Other Contracts
- 2.7. Certain Property Owned by Operating Tenant
Article III. Purchase Price
- A. Deposit
- B. Remainder of Purchase Price
- 3.2. Allocation of Purchase Price
3.1. Purchase Price
- A. Deposit
- B. Remainder of Purchase Price
- 3.2. Allocation of Purchase Price
Article IV. Seller's Representations, Warranties and Covenants
- 4.1. Good Standing
- 4.2. Due Authorization
- 4.3. No Violations or Defaults
- 4.4. Litigation
- 4.5. Condemnation Actions
- 4.6. Contracts
- 4.7. Equipment Leases
- 4.8. Management and Franchise Agreements
- 4.9. Space Leases
- 4.10. Intentionally Omitted
- 4.20. Intentionally Omitted
- 4.23. Intentionally Omitted
- 4.25. Intentionally Omitted
- 4.11. Permits
- 4.12. Insurance Policies
- 4.13. Notices of Violations
- 4.14. Purchase Options
- 4.15. Labor and Employment Matters; ERISA
- 4.16. Bankruptcy
- 4.17. OFAC; Money Laundering
- 4.18. Seller Is Not a "Foreign Person
- 4.19. Taxes
- 4.21. Budgets
- 4.22. Financial Information
- 4.24. Personal Property
- 4.26. Environmental Matters
- 4.27. Designated Persons
- 4.28. Seller's Representations and Warranties Deemed Modified
Article V. Buyer's Representations, Warranties and Covenants
- 5.1. Good Standing
- 5.2. Due Authorization
- 5.3. No Violations or Defaults
- 5.4. Litigation
- 5.5. OFAC; Money Laundering
Article VI. Closing
- 6.2. Costs
6.1. Closing
- 6.2. Costs
Article VII. Actions Pending Closing; Feasibility Period
- 7.1. Conduct of Business; Maintenance and Operation of Property
- 7.2. Title Insurance
- 7.3. Survey
- 7.4. Inspection; Due Diligence Period
Article VIII. Conditions Precedent to Buyer's Obligations at Closing
- 8.1. Representations and Warranties
- 8.2. Covenants of Seller
- 8.3. Title
- 8.4. Seller Deliveries
- 8.5. No Injunction
- 8.6. Termination of Management Agreement and Operating Lease
- 8.7. Termination of Franchise Agreement; New Franchise Agreement
- 8.8. Failure of Condition
Article IX. Conditions Precedent to Seller's Obligations at Closing
- 9.1. Representations and Warranties
- 9.2. Buyer Deliveries
- 9.3. Covenants of Buyer
- 9.4. Termination of Franchise Agreement; New Franchise Agreement
- 9.5. Failure of Condition
Article X. Closing Deliveries
- 10.1. Deed
- 10.2. Bill of Sale
- 10.3. Assignment and Assumption Agreement
- 10.4. FIRPTA Certificate
- 10.5. Possession; Books and Records, Keys
- 10.6. Purchase Price
- 10.7. Title Affidavit
- 10.8. Seller Authority
- 10.9. Seller's Certificate
- 10.10. Buyer's Certificate
- 10.11. Vehicle Bills of Sale
- 10.12. Closing Statement
- 10.13. Estoppel Certificates
- 10.14. Terminations of Management Agreement and Operating Lease
- 10.15. Termination of Franchise Agreement
- 10.16. Terminations of Excluded and Non-Assignable Contracts and Equipment Leases
- 10.17. Interim Liquor Agreement
- 10.18. Other Documents
Article XI. Default
- 11.1. Buyer's Default
- 11.2. Seller's Default
Article XII. Survival; Indemnification Obligations; Additional Obligations; As-Is; Franchise
- 12.1. Generally
- 12.2. Survival and Limitations
- 12.3. Agreement to Indemnify
  - C. Section 12.3
- 12.4. Notice and Cooperation on Indemnification
- 12.5. Liquor License
- 12.6. PROPERTY SOLD "AS IS
- 12.7. LIMITATION ON REPRESENTATIONS AND WARRANTIES
- 12.8. New Franchise Agreement
- 12.9. Hotel Employees
Article XIII. Casualty or Condemnation
- 13.1. Notice to Buyer
- 13.2. Risk
Article XIV. Apportionments
- 14.2. Room Revenue; Receivables and Payables and Inventory
- 14.3. Food and Beverage Revenue; Vending Machine Revenue
- 14.4. Guests' Property
- 14.5. Gift Shop Operations
- 14.6. Employee Compensation
- 14.7. Inventories
- 14.8. Taxes
- 14.9. Utility Charges
- 14.10. Bookings and Vouchers
- 14.11. Cash
- 14.12. Accounting
14.1. Apportionments
- 14.2. Room Revenue; Receivables and Payables and Inventory
- 14.3. Food and Beverage Revenue; Vending Machine Revenue
- 14.4. Guests' Property
- 14.5. Gift Shop Operations
- 14.6. Employee Compensation
- 14.7. Inventories
- 14.8. Taxes
- 14.9. Utility Charges
- 14.10. Bookings and Vouchers
- 14.11. Cash
- 14.12. Accounting
Article XV. Miscellaneous
- 15.1. Assignment
- 15.2. Applicable Law
- 15.3. Headings; Exhibits
- 15.4. Notices
- 15.5. Waiver
- 15.6. Partial Invalidity
- 15.7. Entire Agreement
- 15.8. Time is of the Essence
- 15.9. Waiver of Jury Trial
- 15.10. Counterparts
- 15.11. Brokerage
- 15.12. Construction
- 15.13. Attorneys' Fees
- 15.14. Confidentiality and Public Announcements
- 15.15. Time for Performance
- 15.16. Further Assurances
- 15.17. No Third-Party Beneficiaries
- 15.18. Section 1031 Exchanges
- 15.19. Updated Financials
  - “. Accounts Receivable
  - “. Act of Bankruptcy
  - “. Agreement
  - “. Affiliate
  - “. Allocation
  - “. Apportionment Date
  - “. Assignment and Assumption Agreement
  - “. Bill of Sale
  - “. Bookings
  - “. Broker
  - “. Business Day
  - “. Buyer
  - “. Buyer Indemnitees
  - “. Buyer's Certificate
  - “. Buyer's Conditions
  - “. Closing
  - “. Closing Date
  - “. Closing Deadline
  - “. Confidential Materials
  - “. Contracts
  - “. Deed
  - “. Deposit
  - “. Due Diligence Deadline
  - “. Effective Date
  - “. Environmental Law
  - “. Escrow Agent
  - “. Escrow Instructions
  - “. Equipment Leases
  - “. Excluded Property
  - “. Executive Order
  - “. Existing Permittee
  - “. FF&E
  - “. Fixed Asset Supplies
  - “. Franchise Agreement
  - “. Franchisor
  - “. Guest Ledger
  - “. Hotel
  - “. Hotel Employees
  - “. Hotel Guest Data and Information
  - “. Hotel Manager
  - “. Improvements
  - “. Information
  - “. Initial Deposit
  - “. Insurance Policy
  - “. Intangible Hotel Assets
  - “. Interim Liquor Agreement
  - “. Inventories
  - “. Land
  - “. Law
  - “. Management Agreement
  - “. Material Contract
  - “. Material Equipment Lease
  - “. New Franchise Agreement
  - “. New Liquor Permits
  - “. New Permittee
  - “. Operating Lease
  - “. Operating Tenant
  - “. Operating Tenant Owned Property
  - “. Permitted Title Exceptions
  - “. Permits
  - “. Personal Property
  - “. Property
  - “. Property Material Adverse Effect
  - “. Purchase Price
  - “. Real Property
  - “. Second Deposit
  - “. Seller
  - “. Seller's Certificate
  - “. Seller's Conditions
  - “. Seller Indemnitees
  - “. Seller's knowledge
  - “. Side Letter
  - “. Space Leases
  - “. Survey
  - “. Tax Code
  - “. Terminate
  - “. Termination Notice
  - “. Title Commitment
  - “. Title Company
  - “. Title Objections
  - “. Title Policy
  - “. Transaction
  - “. Uniform System of Accounts
  - “. Vouchers
  - “. WARN Act

Hotel Purchase and Sale Agreement - Table of Contents (based on 1 contracts)

1. Defined Terms
2. Closing Date
3. Remedies
4. Representations and Warranties of Purchaser
5. Miscellaneous

Hotel Purchase and Sale Agreement - Table of Contents (based on 1 contracts)

Hotel Purchase and Sale Agreement - Table of Contents (based on 1 contracts)

Article I. PURCHASE AND SALE
- 1.1. Agreement of Purchase and Sale
- 1.2. Property Defined
- 1.3. Permitted Exceptions
- 1.4. Purchase Price
- 1.5. Payment of Purchase Price
- 1.6. Earnest Money
- 1.7. Management Agreement
- 1.8. Excluded Liabilities
- 1.9. Assumed Liabilities
Article II. TITLE AND SURVEY
- 2.1. Title Report
- 2.2. Survey
- 2.3. Approval of Title
- 2.4. Conveyance of Title
- 2.5. Title Policy
- 2.6. Assignment of Mortgage
Article III. INSPECTION
- 3.1. Right of Inspection
- 3.2. Seller Due Diligence Materials
- 3.3. Right of Termination
Article IV. CLOSING
- 4.1. Time and Place; Pre-Closing
- 4.2. Sellers Closing Obligations and Deliveries
- 4.3. Purchasers Closing Obligations and Deliveries
- 4.4. Prorations, Credits and Other Adjustments
  - 4.4.1. Proration of Taxes
  - 4.4.2. General Proration of Expenses
  - 4.4.3. Employment Expenses
  - 4.4.4. Hotel Revenues
  - 4.4.5. Rent
  - 4.4.6. Hotel Payables
  - 4.4.7. Credit for Certain Inventories
  - 4.4.8. Credit for Reservation Deposits
  - 4.4.9. Credit for Cash Banks
  - 4.4.10. Lease Deposits; Leasing Expenses
  - 4.4.11. Regarding Hotel Prorations Generally
  - 4.4.12. Vouchers
  - 4.4.13. Utility and Other Deposits
  - 4.4.14. Vehicles
  - 4.4.15. Credit for Hotel Income
  - 4.4.16. Final Statement; Post-Closing Adjustments
  - 4.4.17. Resolution of Disputes
  - 4.4.18. Survival
  - 4.4.19. Modification
  - 4.4.20. Operating Lease
- 4.5. Closing Costs
  - 4.5.1. State Transfer Tax
  - 4.5.2. City Transfer Tax
  - 4.5.3. Seller Closing Costs
  - 4.5.4. Purchaser Closing Costs
  - 4.5.5. Other Costs
  - 4.5.6. Security for Transfer Taxes
- 4.6. Conditions Precedent to Obligation of Purchaser
- 4.7. Conditions Precedent to Obligation of Seller
- 4.8. Failure or Waiver of Conditions Precedent
- 4.9. Alcoholic Beverage License
- 4.10. Designation Agreement
Article V. REPRESENTATIONS, WARRANTIES AND COVENANTS
- 5.1. Representations and Warranties of Seller
  - A. Organization and Authority
  - B. Enforceability
  - C. No Breach
  - D. Litigation/Condemnation
  - E. Leases
  - F. No Violations; No Special Assessments
  - G. Service Contracts and Equipment Leases
  - H. No Consents
  - I. Patriot Act Compliance
  - J. Employees
  - K. Vouchers
  - L. ERISA
  - M. Bankruptcy
  - N. Financial Statements
  - O. Names and Trademarks
  - P. Condominium
  - Q. Sellers Unit Representations
- 5.10. Employees
  - H. Retirement Plan
- 5.2. Representations with respect to Lessee LLC
  - A. Title and Ownership
  - B. No Options, Rights, or Warrants
  - C. No Assets
  - D. No Contracts or Liabilities
  - E. No Employees
- 5.3. Limitations on Representations and Warranties
- 5.4. Knowledge Defined
- 5.5. Survival of Sellers Representations and Warranties
- 5.6. Covenants of Seller
- 5.7. Representations and Warranties of Purchaser
  - A. ERISA
  - B. Organization and Authority
  - C. Enforceability
  - D. No Breach
  - E. No Consents
  - F. Pending Actions
  - G. Patriot Act Compliance
  - H. Tax Identification Number
  - I. Bankruptcy
  - J. No Financing Contingency
  - K. Purchasers Unit Representations
- 5.8. Survival of Purchasers Representations and Warranties
- 5.9. Covenants of Purchaser and of Seller
- 5.11. No Action Letter
- 5.12. Purchasers Indemnification for Post-Closing Claims
- 5.13. Sellers and Highgate Guarantors Indemnification for Certain Pre-Closing Claims
Article VI. DEFAULT
- 6.1. Default by Purchaser
- 6.2. Default by Seller
- 6.3. Right to Cure Defaults
Article VII. RISK OF LOSS
- 7.1. Minor Damage
- 7.2. Major Damage
- 7.3. Definition of Major Loss or Damage
- 7.4. Business Interruption Insurance
Article VIII. COMMISSIONS
- 8.1. Brokerage Commissions
Article IX. DISCLAIMERS AND WAIVERS
Article X. MISCELLANEOUS
- 10.1. Confidentiality
- 10.2. Public Disclosure
- 10.3. Assignment
- 10.4. Notices
- 10.5. Modifications
- 10.6. Calculation of Time Periods; Time is of the Essence
- 10.7. Successors and Assigns
- 10.8. Entire Agreement
- 10.9. Further Assurances
- 10.10. Counterparts; Facsimile Signatures
- 10.11. Severability
- 10.12. Applicable Law
- 10.13. No Third Party Beneficiary
- 10.14. Captions
- 10.15. Construction
- 10.16. Termination of Agreement
- 10.17. Attorneys Fees
- 10.18. No Waiver
- 10.19. No Reservation of Property
- 10.20. No Recordation
- 10.21. 1031 Exchange
- 10.22. Cooperation with Auditors

Hotel Purchase and Sale Agreement - Table of Contents (based on 1 contracts)

Section 1. Definitions
- A. Alleyway Parcel
- B. ATM Agreement
- C. Business Day
- D. Closing
- E. Closing Conditions
- F. Closing Date
- G. Closing Statement
- H. Code
- I. Conveyance Documents
- J. Cut-Off Time
- K. Earnest Money
- L. Equipment Leases
- M. Escrow Agent
- N. Existing Construction Contract
- O. Governmental Authority
- P. Hotel
- Q. Inventory
- R. Legal Requirement
- S. Management Agreement
- T. Manager
- U. Permits
- V. Preferred Hotel Group Agreement
- W. Rejected Service Contracts
- X. Reports
- Y. Sellers Broker
- Z. Service Contracts
- AA. Sixt Agreement
- BB. Terminated Contracts
- CC. Title Company
- DD. Title Policy
- EE. Withholding Certificate
Section 2. Agreement of Sale and Purchase
Section 3. Purchase Price
Section 4. Earnest Money
Section 5. Due Diligence
Section 6. Title and Survey
- 6.1. Title Objections
- 6.2. Gap Defects
- 6.3. Acceptance of Title
- 6.4. Permitted Exceptions
Section 7. Representations and Warranties; Interim Operation
- 7.1. Sellers Representations and Warranties
  - A. Sellers Existence
  - B. Authority
  - C. No Legal Bar
  - D. No Consents
  - E. Litigation
  - F. Service Contracts
  - G. Leases; Equipment Leases
  - H. Permits; Liquor License
  - I. Employees
  - J. Notices of Violation
  - K. Hotel Financial Statements
- 7.2. Buyers Representations and Warranties
  - A. Buyers Existence
  - B. Authority
  - C. No Legal Bar
  - D. Ability to Close
  - E. Litigation and Other Proceedings
- 7.3. Anti-Terrorism Laws
- 7.4. Sellers Covenants
Section 8. Closing, Closing Conditions, and Closing Obligations
- 8.1. Closing
- 8.2. Conditions to Closing
  - A. Sellers Closing Conditions
  - B. Buyers Closing Conditions
- 8.3. Conveyance Documents and Deliverables
- 8.4. Buyers Closing Obligations
- 8.5. Closing Costs
Section 9. Prorations and Adjustments
- 9.1. Adjustments
- 9.2. Re-Adjustment
- 9.3. Accounts Receivable
  - A. Guest Ledger
  - B. Accounts Receivable (Other than Guest Ledger
Section 10. Additional Covenants
- 10.1. Guests Baggage
- 10.2. Guests Safe Deposits
- 10.3. Permits
- 10.4. Liquor License
- 10.5. Consents and Estoppels
- 10.6. Reservations
- 10.7. Service Contracts
Section 11. Possession; Post-Closing Access to Records
Section 12. Sellers Disclaimers; Buyers Indemnification
- 12.1. Sellers Disclaimers; Condition of Hotel
- 12.2. Buyers Indemnification
Section 13. Default and Termination
- 13.1. Sellers Termination
- 13.2. Buyers Termination
- 13.3. Post-Closing/Termination Remedies
Section 14. Risk of Loss
Section 15. Miscellaneous Provisions
- 15.1. Time is of the Essence
- 15.2. No Waiver
- 15.3. Survival of Terms
- 15.4. Brokerage
- 15.5. Governing Law
- 15.6. Interpretation of Agreement
- 15.7. Sole Agreements; Amendment
- 15.8. Partial Invalidity
- 15.9. No Joint Venture
- 15.10. Assignment
- 15.11. WAIVER OF JURY TRIAL
- 15.12. Notices
- 15.13. Headings of Sections
- 15.14. References to Calendar Days
- 15.15. Other Parties
- 15.16. No Other Agreements, Continued Marketing
- 15.17. Confidentiality
- 15.18. Interpretation; Joint and Several Liability
- 15.19. Signatures of Parties to this Agreement; Counterparts
- 15.20. Third Party Beneficiaries
- 15.21. Knowledge
- 15.22. Submission Non-binding
- 15.23. Like-Kind Exchange
- 15.24. Further Acts